European Parliament (Pensions and Life Assurance)

To ask the Lord President of the Council what life insurance payments and pension are available to members of the European Parliament that are not available to Members of this House; and how they are financed.

There are no arrangements or benefits made by the Government for Members of the European Parliament which are not made in parallel for Members of Parliament. There is, however, a scheme of additional voluntary contributions run by a non-profit making organisation set up by Members of the European Parliament, to which the Parliament contributes two thirds of the contributions in respect of those Members who subscribe to it. There is also a limited life assurance scheme run by the European Parliament for its Members566W
with a maximum benefit of about £12,500 payable on death or on the attainment of 60 years of age, provided that the policy has been in place for at least 10 years.